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Oct 25, 2013

DealBook P.M. Edition October 25, 2013: Weekend Reading: 2 Key Players in JPMorgan's $13 Billion Deal

Friday, October 25, 2013
Weekend Reading: 2 Key Players in JPMorgan's $13 Billion Deal At the end of a conference call on the night of Oct. 18, JPMorgan Chase's chief executive and the attorney general left their top lieutenants to hash out the details of a tentative $13 billion settlement. The talks, led Tony West, the associate attorney general at the Justice Department, and Stephen M. Cutler, JPMorgan's general counsel, could still fall apart over how much wrongdoing the bank will admit on its questionable mortgage practices.

In a sign of the reach of Washington's revolving door, two of the central players in the biggest settlement of the financial crisis were once on opposite sides of the negotiating table.

Investment banks may be unpopular now, but the associate attorney general at the Justice Department was once a defense lawyer for an even less sympathetic client: an American fighter for the Taliban. And while financial regulators today may feel outgunned by Wall Street, JPMorgan's general counsel was previously the former top law enforcement official for the Securities and Exchange Commission before the agency gained new regulatory powers from the Dodd-Frank overhaul.

Mr. West first joined the Justice Department in 1993. He later became an assistant U.S. attorney in the Northern District of California. After two unsuccessful political campaigns, Mr. West became a partner in the law firm of Morrison & Foerster in San Francisco in 2001. His clients included John Walker Lindh, who pleaded guilty to fighting for the Taliban in Afghanistan. While that case was thought to have signaled an end to his political ambitions, Mr. West returned to the Justice Dept. in 2009. His sister-in-law is Kamala Harris, California's attorney general.

Before joining the securities agency, Mr. Cutler was a partner in the law firm of Wilmer, Cutler & Pickering in Washington. As the enforcement director for the S.E.C. from 2001 to 2005, he prosecuted a wave of corporate scandals and his caseload included a then-record $750 million penalty against WorldCom.

JPMorgan was also one of Mr. Cutler's targets. After more than a year of investigations, the bank, together with Citigroup, paid almost $300 million to settle accusations that they aided the Enron fraud. "You can't turn a blind eye to the consequences of your actions," Mr. Cutler said in 2003. "Financial institutions may not look the other way when their clients use them to manipulate financial results." Unlike today's $13 billion mortgage deal, the banks did not admit or deny wrongdoing.
A look back on our reporting of the past week's highs and lows in finance.
Friday, Oct. 25
Dick Costolo, right, the chief of Twitter, outside Morgan Stanley's headquarters in New York on Friday.
Twitter Comes to Wall Street Twitter's roadshow may not begin until Monday, but its executives are already making the rounds in New York. The day began at Morgan Stanley's offices, with executives also expected to visit JP Morgan Chase and Goldman Sachs.
Thursday, Oct. 24
The company plans to sell 70 million shares.
Twitter Sets I.P.O. Price at $17 to $20 a Share The price range was below what some analysts had expected. Including options and restricted stock units, the company would be valued at more than $12 billion.
A cartoon on Carl Icahn's Web site.
Icahn Urges Apple to Begin Share Buyback The activist investor Carl C. Icahn posted a letter on his new Web site to Timothy D. Cook urging Apple to immediately begin an offer to buy back $150 billion in Apple shares.
Fed Proposes a Rule to Help Big Banks Stay Liquid in Times of Crisis
Fed Proposes a Rule to Help Big Banks Stay Liquid in Times of Crisis The Federal Reserve's rule asks banks to estimate how much cash might flee in a 30-day period, and requires them to enough assets that they could sell to cover that outflow.
Focused Effort to Narrow the Gender Gap on Corporate Boards
Focused Effort to Narrow the Gender Gap on Corporate Boards A program at George Washington University School of Business is helping women be considered for board seats and training them to step into those posts.
DuPont to Split Into 2 as It Plans to Spin Off a Major Segment
DuPont to Split Into 2 as It Plans to Spin Off a Major Segment The move is an effort to focus on businesses with better growth prospects.
Credit Suisse to Streamline and Shrink
Credit Suisse to Streamline and Shrink Net income of 454 million Swiss francs, or $509 million, for the July-September period was far short of the 705 million francs analysts surveyed by Reuters had been expecting.
Wednesday, Oct. 23
Bernard L. Madoff, serving a 150-year sentence, has said that the banks he did business with
JPMorgan Faces Possible Penalty in Madoff Case Authorities suspect that JPMorgan Chase turned a blind eye to Bernard L. Madoff's Ponzi scheme, and they are said to be pursuing a type of prosecution deal that is nearly unheard-of for a large American bank.
A Bank of America branch in New York.
Jury Finds Bank of America Liable in Mortgage Case The jury's decision is likely to be seen as a victory for the government in its aggressive effort to hold large American banks to account for their role in the housing bust.
Lloyd Blankfein, the chief of Goldman Sachs.
The Trade: A Moot Effort to Burnish the Reputation of Goldman Sachs Since the financial crisis, Lloyd C. Blankfein, the chief executive of Goldman Sachs, has striven to build his name back up, but Goldman's good name has collapsed, writes Jesse Eisinger.
Tuesday, Oct. 22
For years, Detroit skimmed from its pension plan to raise benefit checks and cut contributions.
Case in Detroit Highlights Costs of 'Extra' Pension Payments Skimming from public pension funds to make extra payments to retirees on the thinking that the base pensions were too small - a practice not unique to Detroit - undercut the health of the system.
SAC Capital Retrenches as Insider Trading Inquiry Drains Firm
SAC Capital Retrenches as Insider Trading Inquiry Drains Firm SAC Capital Advisors will close its London office and cut six portfolio management teams in the United States, the hedge fund's management revealed.
Judge Orders Goldman to Pay Ex-Programmer's Legal Bills
Judge Orders Goldman to Pay Ex-Programmer's Legal Bills A federal judge has ruled that Goldman Sachs must pay the legal fees of a former computer programmer, Sergey Aleynikov, accused of stealing code from the bank.
Impasses May Slice Into Profits on Wall Street
Impasses May Slice Into Profits on Wall Street Federal gridlock over the debt ceiling could adversely affect the bottom lines of big Wall Street banks and firms, a report by Thomas P. DiNapoli, the New York State comptroller, asserts.
A Chance to End a Billion-Dollar Tax Break for Private Equity
Deal Professor: A Chance to End a Billion-Dollar Tax Break for Private Equity The Obama administration has tried to tax private equity profits as income, and a recent court case could offer it a chance for victory, writes Steven M. Davidoff.
Monday, Oct. 21
Considering the Fairness of JPMorgan's Deal
News Analysis: Considering the Fairness of JPMorgan's Deal As details emerge of a possible $13 billion settlement over the bank's troubled mortgage practices, Wall Street fears of a punitive arrangement may not add up.
Andrew Ross Sorkin.
DealBook Column: Economic Theory, via YouTube and Cartoon Ray Dalio, the founder of the largest hedge fund, offers a 30-minute lecture in how the economy works. No tuition necessary, just a connection to YouTube, writes Andrew Ross Sorkin.
Longtime Goldman Executive Is Departing J. Michael Evans, the firm's global head of growth markets, who had been thought to be a possible successor to Goldman's chief executive, Lloyd C. Blankfein, plans to retire.
Sunday, Oct. 20
During talks over a tentative $13 billion settlement, Attorney General Eric H. Holder Jr. refused to offer JPMorgan Chase a so-called nonprosecution agreement that would halt an inquiry in California.
U.S. Deal With JPMorgan Followed a Crucial Call A tentative $13 billion settlement between JPMorgan and the Justice Department was a result of extensive personal outreach from Jamie Dimon, the bank's chief executive, to the Justice Department.
Jamie Dimon, the chief executive and chairman of JPMorgan Chase, two titles he recently defended.
Despite Legal Tempests, Dimon Appears Solid as Ever Atop JPMorgan Mounting legal problems have so far left Jamie Dimon unscathed at the helm of JPMorgan Chase.
Wealth Fund Cautions Against Costs Exacted by High-Speed Trading
Wealth Fund Cautions Against Costs Exacted by High-Speed Trading For larger investors, the benefits of the technological changes in recent years are not nearly as clear, according to Norway's sovereign wealth fund.
Sat., Oct. 19
A Chase branch in Manhattan. The multibillion dollar deal would represent something of a reckoning for Wall Street, whose outsize risk-taking in the mortgage business nearly toppled the economy in 2008.
Tentative Deal Hands JPMorgan Chase a Record Penalty The penalty would cap weeks of heated negotiating and underscore the extent of JPMorgan Chase's legal woes, people briefed on the talks said.

CommScope, Backed by Carlyle, Has a Rocky Debut The company, which makes telecommunications equipment, is among those being sold this year as private equity firms hope to realize gains on their investments.
Reuters Breakingviews: The Un-Facebook I.P.O. Twitter so far seems to be avoiding the premature heights of Facebook's flawed 2012 market debut, writes Richard Beales.
Week in Verse
'The Hustle' Countrywide's mortgage-writing program was known as the "hustle."
'Shakedown' Larry Kudlow said JPMorgan's $13 billion settlement was a "shakedown."

Wall Street at Close Report by MarketWatch October 25, 2013: U.S. Stock Rally Lifts S&P 500 to Record.

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch)U.S. stocks finished another week of gains with the S&P 500 index at a record high after earnings from large technology companies Microsoft Corp. and Inc. wowed investors with revenue growth.

“It’s a fine stock market if you just look at earnings, interest rates and price-earnings ratios,” said Hugh Johnson, chairman of Hugh Johnson Advisors LLC

Today's Wall Street darling: tech
Amid news of Twitter's IPO, two tech stalwarts are seeing stock surges. Dan Gallagher discusses why Wall Street is shining a spotlight on tech.

Relatively low interest-rate levels that allow for higher-priced-earnings ratios is among the drivers taking equities higher, Johnson added. 

The U.S. economy will be a focus when investors take a look at October numbers slated for release in the first week of November, said Johnson, who adds the market will also face potential headwinds from “uncertainty over what is Washington going to decide” in facing budget issues in the months ahead.

Pacing gains on the Dow Jones Industrial Average DJIA +0.39% , Microsoft MSFT -0.28% climbed 6%, a day after the software maker released results that illustrated a solid start to a large revamping of its business. 

The Dow added 61.07 points, or 0.4%, to 15,570.28, its highest close since Sept. 19 and leaving it 1.1% ahead of last Friday’s finish. Surpassing its record close set on Tuesday, the S&P 500 index SPX +0.44% gained 7.70 points, or 0.4%, to 1,759.77, a 0.9% weekly rise. Both the Dow and S&P 500 rose for a third consecutive week. 

The Nasdaq Composite COMP +0.37% gained 14.40 points, or 0.4%, to 3,943.36, up 0.7% for the week, its second weekly gain.’s AMZN -0.10% shares jumped 9.4% after the online retailer’s strong third-quarter results signaled healthy momentum heading into the holiday shopping season. 

United Parcel Service Inc. UPS -0.17% advanced 1.2% after the shipping company reported third-quarter earnings that topped estimates.
For every three stocks falling more than four gained on the New York Stock Exchange, where 687 million shares traded. Composite volume cleared 3.1 billion. 

Equities slightly reduced their gains after CNBC and Bloomberg News reported Sen. Rand Paul was threatening to delay a Senate confirmation vote on President Barack’s nomination of Janet Yellen to head the Federal Reserve. Bloomberg cited an aide in Paul’s office as saying the senator was thinking of placing a hold on Yellen’s nomination. The move would necessitate 60 votes would be needed in the Senate to move the nomination forward and could mean to several days of debate. 

The move reportedly would come in a bid by Paul to obtain a Senate vote on a bill he proposed that would mandate regular public audits of the Fed’s books. 

“If he has a legitimate reason to dislike Janet Yellen and believes she’s not qualified, then fine, tell us that. But if the purpose is to do a bargain, don’t try to confuse the two,” said Johnson, who added that the possible move would not have a material impact on the stock market unless it looks as though her confirmation wis in serious trouble . 

The U.S. dollar DXY -0.01% held steady against the currencies of major trading partners.
Crude oil prices rises, but stay below $100 a barrel.
Turning higher, gold prices GCZ3 +0.15% were up $2.20, or 0.2%, at $1,352.50 an ounce on the New York Mercantile Exchange, and the cost of crude oil CLZ3 +0.81% climbed 74 cents, or 0.8%, to $97.85 a barrel, with prices down for a third week in a row. 
The yield on the 10-year Treasury note 10_YEAR 0.00% , used in figuring mortgage rates and other consumer loans, fell 2 basis points to 2.506%.
Durable goods climbed in September as demand for jetliners countered a decline in business equipment. 

The Thomson Reuters/University of Michigan consumer sentiment gauge for October fell to 73.2, down from the initial read of 75.2 and down from 77.5 in September. 

“It’s the weakest number of the year and was led by declines both in the current conditions component and the outlook. Apparently those being surveyed weren’t encouraged by the government reopening and/or don’t own stocks,” Peter Boockvar, chief market analyst at the Lindsey Group wrote in emailed comments. 

Another report, this one delayed by the government shutdown, had U.S. wholesale inventories rising 0.5% in August and wholesale sales up 0.6%. 

Kate Gibson is a reporter for MarketWatch, based in New York.

European Markets at Close Report by MarketWatch October 25, 2013: Earnings, German Ifo bruise European stocks

By Sara Sjolin 

LONDON (MarketWatch)European stock markets generally pulled back on Friday after a disappointing take on German business confidence and as investors digested another round of quarterly earnings. 

The Stoxx Europe 600 index XX:SXXP -0.09%  shed 0.1% to close at 320.09, trimming its weekly gain to 0.5%. 

Sector investing has room to grow
Advisers may not be using sector investing enough, says Fidelity's Scott Couto. 

“It’s been one of those weeks where bad news is good news. The delayed nonfarm-payrolls numbers were disappointing, but markets were rising on expectations that tapering [in the U.S.] may not happen this year and maybe not even until March next year,” said Richard Hunter, head of equities at Hargreaves Lansdown. 

“Today we are waiting for something new to happen, and there’s an element of profit-taking. In terms of what we’re waiting for, next week there’s a whole host of corporate results out. Almost all the U.K. banks report, along with oil majors like BP UK:BP +0.22% and Shell UK:RDSB +0.86% , on top of Next UK:NXT -0.10% . So next week is much about U.K. companies,” he added. 

Corporate results were also among highlights on Friday. Shares of Electrolux AB SE:ELUXB -5.79%  posted one of the biggest losses in the pan-European index, skidding 5.8%, after the Swedish household-appliance maker reported a drop in third-quarter earnings and said it would cut costs to adapt to the European market. 

Another Swedish firm, truck maker Volvo AB SE:VOLVB -6.62% , slid 6.6% after saying it expects the European truck market to remain unchanged in 2014, while also posting earnings below expectations. 

Renault SA FR:RNO -3.16%  closed 3.2% lower in Paris after the car maker late Thursday reported a 3.2% drop in third-quarter revenue.

Germany Ifo disappoints 

 More broadly, investors looked to Germany, where business confidence took a surprise dip in October. The Ifo Business Climate Index fell to 107.4, missing analyst expectations and marking the first decline in six months. The Ifo expectations and current-conditions surveys also unexpectedly slipped in October.

Analysts at Société Générale said the data suggest “we could see somewhat weaker activity towards the end of the year than we had earlier expected.”
“Still, numbers are well above historical averages, and fit with our view of only a gradual recovery in Germany,” they added. 

Markets in Europe also took a turn for the worse in the afternoon after a gauge of U.S. consumer sentiment fell to a final October reading of 73.2 — the lowest since December. Meanwhile, U.S. wholesale inventories rose 0.5% in August, and wholesale sales increased by 0.6%. U.S. stocks traded higher on Wall Street.

In the U.K., the Office for National Statistics said the British economy expanded 0.8% in the third quarter, up from 0.7% in the previous three-month period, marking the fastest rate of growth in more than three years. GDP still remains 2.5% below its pre-downturn peak in the first quarter of 2008. Analysts had expected the economy to expand by 0.7% to 0.8%. 

The data showed output from the four main sectors of the British economy — services, industrial production, construction, and agriculture — grew in the third quarter, indicating the recovery is broad-based. On the year, output expanded by 1.5%. 

“The recovery is running faster than the [Bank of England] had anticipated. Growth was well above the 0.5% quarter-on-quarter rate they had forecast back in August, and unemployment has come down faster than they had expected. So we expect the first interest-rate rise to come at least a year earlier than the late 2016 date the BOE has signaled,” Rob Wood, chief U.K. economist at Berenberg, said in a note.
The U.K.’s central bank has linked a potential hike in interest rates to a drop in joblessness, saying it won't consider raising rates until unemployment falls below 7%, from the current level of 7.7%.


The FTSE 100 index UK:UKX +0.12%  added 0.1% to 6,721.34 and closed with a 1.5% weekly gain.
Germany’s DAX 30 index DX:DAX +0.06% inched 0.1% higher to 8,985.74, continuing its record run. On the week, the index closed up 1.4%. 

Shares of BASF SE DE:BAS +1.08%  supported the German benchmark, rising 1.3%, after the chemicals firm posted a 19% rise in third-quarter profit and reiterated its full-year outlook. 

Shares of Software AG DE:SOW +3.98%  climbed 4.8% after the company said it would buy back its own shares worth up to 110 million euros ($151.6 million). 

France’s CAC 40 index FR:PX1 -0.08%  shed 0.1% to 4,272.31 for a 0.3% weekly loss.
Shares of Schneider Electric SA FR:SU -1.09%  gave up 1.1% in Paris after the electrical distribution firm lowered its full-year earnings expectations on a third-quarter 3.2% decline in sales. 

Kering SA FR:KER -3.04%  lost 3% after the luxury-goods firm late Thursday reported a drop in third-quarter revenue, with weakness seen for the Gucci brand. 

Shares of Compagnie de Saint-Gobain SA FR:SGO +4.89%  gained 4.9% after the supplier of building materials said organic growth increased 3.1% in the third quarter, with improvements reported by all businesses.
Outside the major indexes, BBVA SA ES:BBVA -2.29%   BBVA -2.87%  erased 2.3% after the Spanish bank said it will cut the dividend payout on this year’s earnings and reported lower-than-expected profit for the third quarter. 

Novozymes AS DK:NZYMB -2.04%  lost 2% after the Danish industrial-enzymes producer cut its outlook for the full year 2013 citing currency effects.

Financial and Forex Info | Latest Gold News October 25, 2013.

 Latest Gold News NY Time
Gold Weaker on Profit Taking, Technical Correction - Kitco News, Oct 25 2013 8:41AM
Friday's Analytical Charts for Gold, Silver and Platinum and Palladium - Kitco News, Oct 25 2013 11:18AM
Friday's Forex Analytical Charts - Kitco News, Oct 25 2013 11:18AM
REPEAT: We Are In QE Forever - Famed Economist - Kitco News, Oct 25 2013 11:14AM
Analysts Mixed On Whether Euro Stress Tests Will Boost Gold - Kitco News, Oct 25 2013 9:46AM
GATA Responds: Maguire A 'Class Act' - Kitco News, Oct 24 2013 5:11PM
Friday's Close May Suggest Upside Momentum - Kitco News, Oct 24 2013 4:23PM
UBS: Physical-Market Participants Likely Stepping Back On Recent Gold Rise - Kitco News, Oct 25 2013 8:18AM
Draghi Melt-Up Makes Europe Emerge From Germany to Greece - Bloomberg, Oct 25 2013 7:25AM
CPM Group Alleges Whistleblower Maguire Has No Metals History - Silver Summit - Kitco News, Oct 24 2013 2:10PM
Indian Gold Premiums Soar On Lack Of Metal - Kitco News, Oct 24 2013 1:05PM
Gold to be a key influence on Silver market ahead - Commodity Online, Oct 25 2013 11:18AM
India Gold ETFs losing appeal on price volatility - Commodity Online, Oct 25 2013 11:17AM
Cliffs Hires Barrick Executive Halverson as Next CEO - Bloomberg Business News, Oct 25 2013 11:14AM

The Economist Group | Management Thinking Digest.

The need to address the quality of food in Asia is not simply a public health priority, but one that is increasingly being driven by the market. A new EIU report sponsored by National Australia Bank, A healthy future for all? Improving food quality for Asia, focuses on the response by the food industry and governments to growing consumer concerns related to tainted food, and the changing dynamics underpinning the region's malnutrition story.

The EIU has launched a new research programme, sponsored by HP, to discuss how organisations in different industries perceive risks to information, and how they are approaching the management of information risk. Whether you're a risk guru or you've never heard of it before, you can register here to gain access to exclusive EIU research on information risk, hear from leading experts in the field, and participate in the discussion during a live webinar on November 20th.

Finally, join the EIU, the Rockefeller Foundation and the World Resources Institute on Thursday October 31st at 10am Easten Time for a Twitter chat on the future of our ecosystems. To participate in the conversation, just log on to Twitter and search for #EcoValue.

Denis McCauley
Editorial Director, EMEA

MoneyShow Traders Daily Alert October 25, 2013: Rewiring the Trader's Mind.

Traders Daily Alert
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Today's Featured Videos & Exclusive Interviews

RTTNews Morning Market Briefing October 25, 2013.

Commentary October 25, 2013.
With traders expressing uncertainty about the near-term outlook for the markets, stocks may show a lack of direction in early trading on Friday. The major index futures are currently pointing to a mixed open for the markets, with the Dow futures down by 6 points while the Nasdaq futures are up by 8 points. (Oct 25, 2013) Full Article 

Economic News

South Korea's gross domestic product expanded a seasonally adjusted 1.1 percent in the third quarter of 2013 compared to the previous three months, the Bank of Korea said in Friday's advance estimate. (Oct 25, 2013) Full Article 

Core consumer prices in Japan climbed 0.7 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday - in line with forecasts and down from 0.8 percent in August. (Oct 25, 2013) Full Article 

Confidence among German businesses declined unexpectedly in October as firms turned less optimistic about the future operating conditions, a survey by the Ifo Institute revealed Friday. Companies' assessment of the current conditions was also less positive compared to September. The business climate indicator fell to 107.4 from 107.7 in September, while economists had forecast an increase to 108. (Oct 25, 2013) Full Article 

The U.K. economy expanded in the third quarter at the fastest rate since 2010 with widespread growth across all sectors, preliminary data from the Office for National Statistics showed Friday. Gross domestic product grew 0.8 percent sequentially in the third quarter, slightly faster than the 0.7 percent expansion logged in the preceding three months. (Oct 25, 2013) Full Article

With orders for transportation equipment showing a significant increase, the Commerce Department released a report on Friday showing that orders for U.S. manufactured durable goods rose by much more than expected in the month of September. (Oct 25, 2013) Full Article 

Broker Ratings Changes

FBR Capital Markets Cuts Echo Global Logistics, Inc. (ECHO) To Market Perform From Outperform With $20 down from $25 Price Target
(Oct 25, 2013) 

FBR Capital Markets Downgrades Susquehanna Bancshares Inc. (SUSQ) To MarketPerform From Outperform With $13 down from $16 Price Target
(Oct 25, 2013)

Nomura Ups Spirit Pub Co. (SPRT.L) To Neutral From Reduce
(Oct 25, 2013)  

Todays WS Events

Eastman Chemical Q3 13 Earnings Conference Call At 8:00 AM ET
Eastman Chemical Co. (EMN) will host a conference call at 8:00 AM ET on October 25 , 2013, to discuss its Q3 13 earnings results. To access the live webcast, log on at To hear the live call, dial 913-981-5597 with passcode 3682948. A replay of the call can be heard by dialing 888-203-1112 or 719-457-0820 with passcode 3682948. (Oct 25, 2013) 

Eaton Corp. Q3 13 Earnings Conference Call At 10:00 AM ET
Eaton Corp. (ETN) will host a conference call at 10:00 AM ET on October 25, 2013, to discuss its Q3 13 earnings results. To access the live webcast, log on at (Oct 25, 2013)  

Moody''s Q3 13 Earnings Conference Call At 11:30 AM ET
Moody''s Corporation (MCO) will host a conference call at 11:30 AM ET on October 25, 2013, to discuss its Q3 13 earnings result. To access the live webcast, log on at To participate in the call, dial 1-877-400-0505 (US/Canada) or +1-719-234-7477 (International) and passcode is "Moody's Corporation." A replay of the call by dialing 888-203-1112 (US/Canada) or +1-719-457-0820 (International) with confirmation code is 9395414. (Oct 25, 2013)

National Oilwell Varco Q3 13 Earnings Conference Call At 9:00 AM ET
National Oilwell Varco Inc. (NOV) will host a conference call at 9:00 AM ET on October 25, 2013 , to discuss its Q3 13 earnings results. To access the live webcast, log on at A call can be accessed by dialing 1-800-447-0521 (US) or 1-847-413-3238 (International) (Oct 25, 2013)  

Procter & Gamble Q1 14 Earnings Conference Call At 8:30 AM ET
The Procter & Gamble Company (PG) will host a conference call at 8:30 AM ET on October 25, 2013, to discuss its Q1 14 earnings result. To access the live webcast, log on at (Oct 25, 2013)  

Rockwell Collins Q4 13 Earnings Conference Call At 9:00 AM ET
Rockwell Collins (COL) will host a conference call at 9:00 AM ET October 25, 2013, to discuss its Q4 13 earnings results. To access the live webcast, log on at (Oct 25, 2013)  

United Parcel Service Q3 13 Earnings Conference Call At 8:30 AM ET
United Parcel Service (UPS) will host a conference call at 8:30 AM ET October 25, 2013, to discuss its Q3 13 earnings results. To access the live webcast, log on at (Oct 25, 2013)